[The Grama Sasan] [Substituted by S.R.O.No. 648/99 vide Orissa Gazette Extraordinary No. 1183, Dated, 16.8.1999.] shall approve the annual first supplementary or revised and the second supplementary or revised budget of Grama Panchayats at meetings on or before 21 s' March, 21st August and 21st March, respectively with or without modification after satisfying itself on the following points, namely :(i)The estimate of receipts is exhaustive and cautious and provided for the collection of the entire loans and tax dues outstanding and those falling due during the budget year and the account is taken of all receipts from all sources.(ii)The recommendations, if any, of the Government have been duly considered in framing the budget.(iii)Provision has been made for all obligatory charges including functions, institutions, trusts and the like transferred to the Grama Panchayat, other development activities prescribed by Government and other bodies and institutions.(iv)Provision has been made for the due discharge of all liabilities in respect of loans contracted and for all other commitments.(v)Variations between the figures of the budget year and those of the previous year have been adequately explained.(vi)Due account is taken of contributions from people and institutions.(vii)Due credit has been given to funds that may be available to the Panchayat as intimated by Samiti at different stages.
